Australian Shares

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Macro Morning

Risk sentiment reversed course sharply again overnight, with uncertainty over the US economy via the Federal Reserve the key driver of a selloff on Wall Street despite solid PMI’s in the US. European PMIs returned to retraction mode, although the outlook firmed, while the USD continued to strengthen against everything particularly precious metals and the

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Macro Afternoon

The rebound from overnight was only followed through on local markets with the rest of the Asian risk complex still lacking the confidence to ride the BTFD wave. The USD continues to firm against everything, espeically precious metals with silver cracking below $24USD per ounce to a two month low while gold has fallen below

6

Macro Morning

Risk sentiment bounced back overnight following a stumbling start to the week with Wall Street leading the charge but the USD continued to firm against the majors and precious metals. The latest US existing home sales data surprised to the upside, while bond markets remained firm and largely unchanged. Looking at share markets in Asia

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Macro Afternoon

The selloffs continue here in Asia following the rout on European markets overnight, with the late fill on Wall Street not extending throughout the risk complex as USD firms. Gold is not holding on any longer, ready to break below the $1900USD per ounce level as it fails to regain above previous support: In mainland

1

Macro Morning

It was a bath of blood on European stock markets overnight with Wall Street, precious metals and commodities then tumbling in response, then a late fill by the BTFD crowd saw some of this clawed back, but confidence is shattered nonetheless. Rising cases of COVID-19 in Europe and continued election and legislative chaos in the

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Macro Afternoon

Asian stock markets have begun the trading week in a mixed fashion, with Japanese markets closed as the risk complex takes a deep breath after Friday’s falls on Wall Street. Gold is still holding on, seemingly making another short term symmetrical triangle pattern on the four hourly chart, now just above the $1950USD per ounce

3

Nasdaq bubble aquiver before popping?

The NASDAQ (FAANGM) bubble has made the history books: But she just carn take ut, cap’n: Or, is to all just this, via Bloomie: There are a few jokes going around Wall Street to explain the wild ride for the U.S. stock market this summer: Why did the huge rally suddenly stall out on Sept. 2? Because all

9

Macro Morning

Wall Street took another tumble on Friday night, knocking it back to a six week low (although the NASDAQ is still up over 30% for the year) as a sea of red pervaded European bourses as well. Currencies were largely unmoved with secondary economic releases not having much of an effect, while oil futures held

148

Macro Afternoon

A late surge in stock buying, pushed by Chinese shares has seen most Asian share markets recover from earlier losses, while currency markets are again firming against USD going into the end of the trading week. Gold is bouncing back after breaking its short term symmetrical triangle pattern on the four hourly chart, coming back

1

Macro Morning

Another sea of red on overnight markets last night with Wall Street stumbling while other risk assets lifted higher. Bond yields lifted slightly while undollar assets like Aussie, Euro and oil prices gained although gold was the odd one out. US housing starts disappointed while the latest BOE meeting left all the settings unchanged, although

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Macro Afternoon

Markets are sliding into risk off mode today in Asia following the sour mood on Wall Street overnight with a sea of red on all bourses. Last night’s Federal Reserve meeting is still seeing USD firm against all the majors except risk proxy Yen which is surging post the BOJ meeting. Gold looks set to

3

Macro Morning

By Chris Becker  The latest US Federal Reserve meeting last night didn’t provide the punchbowl that risk markets were expecting, even though interest rates are going to at zero for years to come. Wall Street stumbled while Treasury bond yields lifted slightly and the USD firmed against most of the major currency pairs. The latest

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Macro Afternoon

  Markets inverted their risk profile today in Asia with Chinese stocks selling off as the Yuan surges against USD, Japanese markets tread water and local shares lift strongly in line with Wall Street overnight. Currency markets are poised for tonight’s Federal Reserve meet with gold coming back slightly as the symmetrical triangle on the

3

Macro Morning

By Chris Becker  Last night saw a continuation of the bounce on Wall Street, while a stronger than expected ZEW Survey still failed to ignite animal spirits across Europe, although better employment stats from the UK saw the FTSE move significantly higher. USD and bond markets were relatively unchanged as the latest US industrial production

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Macro Afternoon

Markets are quite mixed in Asia today despite the strong surge on Wall Street overnight and the positive Chinese data with only Chinese equities really putting any runs on the board. The USD is selling off in response, with currency markets accelerating against the “King” with gold surging to a new weekly high after it

2

Macro Morning

By Chris Becker  Last night saw another surge on Wall Street on hopium with traders jumping on the rumors and swirling around coronavirus vaccine news, although European stocks were less impressed. The USD fell back against some of the majors while the bond market was basically unchanged, as the economic calendar was very light on

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Macro Afternoon

  Markets have started the week here in a generally positive fashion across Asia, despite a mixed and flat lead on Wall Street on Friday night, with Japanese stocks leading the way, while the local ASX200 is trying to breakout again.  Currency markets are very flat while gold can’t seem to gain any traction in

40

eSports are sexy, but expensive

The digital games and interactive media sector is probably much larger than you think and still growing. To put it into perspective, one of the highest rating movies ever, Avengers: Endgame, grossed US$858m during its opening weekend. Grand Theft Auto V’s release, earned US$1b in just over three days.  Originally just a PC/console experience, ubiquitous

15

Macro Morning

By Chris Becker  Friday night saw a wobbly finish to stock markets in Europe and the US after an equally mixed session here locally in Asia. German inflation was flat as expected, but US inflation picked up slightly, although neither print really upset currency markets. The latest oil rig count saw oil prices contained with

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Macro Afternoon

  The stock selloff wasn’t as wide here in Asia, following yet another reversal on Wall Street overnight, with the ASX200 the standout, looking set to finish the week below 5900 points.  Currency markets are very flat following last night’s volatility around the ECB meeting, while gold is seemingly in retreat mode, breaking below the

14

Macro Morning

By Chris Becker  Wall Street reversed course – again – overnight with the latest ECB meeting adding to the volatility as Euro swung wildly on the lack of concern about the currency itself, as all other policy measures were left unchanged. US jobless data disappointed with new and continuing claims climbing against expectations, and Congress

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Davey Day Trader hit by margin calls

That distant howl that you can hear is the collective screams of a million millennial daytraders going up in smoke: Davey Day Trader at the Closing Bell – September 10, 2020 https://t.co/ixBgt0Lu40 — Dave Portnoy (@stoolpresidente) September 10, 2020 Each new generation thinks it is smarter than the last and that they are the first

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Macro Afternoon

The bounceback continues here in Asia, with most stock markets putting in solid sessions following the rebound on Wall Street overnight. Currency markets are pushing USD down goign into tonight’s ECB meeting with Euro and Pound Sterling surging before the London open. Bitcoin is slowly building after its brief look-see below the $10000 level while

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ASX bath of blood drags down banks

The Australian dollar is soft this morning: The bond curve wants to steepen but can’t: Stocks are up a little but vulnerable: Big Iron is leading: Big Gas is still stinky: Big Gold has a bid at last: Big Banks do not and the trend is not its friend: If the correction is over then

2

Macro Morning

By Chris Becker  Wall Street rebounded last night with bargain hunting overtaking fear of the bubble popping as half of the previous losses were clawed back. The entire risk complex leapt in, with oil bouncing over 2% while gold and other commodities also gained as the USD weakened slightly alongside bond markets. The bounce should

6

Gammaquake over?

Via ZeroHedge: Heading into Tuesday’s plunge, there was a veritable cornucopia of excuses (which traders had generously ignored) to resume last week’s deleveraging as investors were already anchored to more tangible market headwinds: Lack of progress on CARES 2.0 (consensus still sees $1.5-$2T getting passed although even Goldman is becoming more skeptical) Gamma reset in

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Macro Afternoon

The big selloff on Wall Street has been more or less replicated here in Asia, although with less downside, as S&P futures race back in late trade to try to cover the falls overnight.  Bitcoin remains depressed and is just hanging on to the $10000 level while gold is slowly slipping, almost ready to break